PPI report hailed as a "victory for consumers"

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PPI report hailed as a "victory for consumers"

Fri 14th Nov 2008

Consumer website Which? has weighed in on the debate over payment protection insurance (PPI), claiming the recommendations in the Competition Commission's report represent a "victory for consumers".

The report, published yesterday, recommends a ban on point of sale PPI deals, whereby consumers were sold PPI by the same banks who were providing their loans at the same time.

According to Which?, these deals meant that consumers often bought "poor value" products and the decision gave consumers more control.

Which? said: "This is a huge victory for consumers who have often felt pressured into buying expensive and inadequate PPI products. The Competition Commission has listened to the consumer voice and has taken decisive action."

In its report, the Competition Commission said consumers rarely shopped around for the best deals on PPI and many were completely unaware they could buy PPI from other providers.

The Competition Commission aims to ensure that healthy competition exists for the benefit of customers and the economy.

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